Neiman Marcus Group discloses a modest decline in both online and in-store holiday sales, witnessing a low-single-digit percentage decrease compared to the previous year. This signals a notable shift in the landscape of US luxury sales from the peak experienced post-pandemic.
CEO Geoffroy van Raemdonck, speaking at the ICR Conference in Orlando, revealed that same-store sales, reflecting stores open for at least a year, remained unchanged compared to the previous year. However, specific figures detailing the sales pace during the nine weeks ending Dec. 30 were not provided. Neiman Marcus last faced a year-over-year decline in holiday sales in calendar year 2020.
Despite the decline, Van Raemdonck expressed contentment with the holiday shopping pace, noting improvement from the previous quarter when in-store and online sales saw an 8% drop in the three months ending Oct. 28. He specifically highlighted increased spending by top customers during the holiday season.
«While we maintain confidence in our current inventory position, we are navigating a highly promotional retail environment impacting our gross margins,» added Van Raemdonck.
Neiman Marcus operates 36 brick-and-mortar stores under the Neiman Marcus brand and two Bergdorf Goodman department stores. Speculations from last year indicated that Saks Fifth Avenue had bid for Neiman Marcus, with both luxury department-store operators seeking enhanced economies of scale and cost reductions. Spokeswomen for Neiman Marcus and Saks declined to comment on the matter.
